Elon Musk has signaled his intent to stick around at Tesla by buying 2.57 million shares in the EV manufacturer on Monday morning, valued at around $1 billion. The purchase, which is the first time Musk has bought stock on the open market since 2020, saw share prices in Tesla surge by 6 percent, in what is being interpreted as a symbolic gesture of faith by the CEO after his political activities this year saw stock prices tumble. “It’s a huge vote of confidence from Musk and the bulls love seeing this,” tech analyst Dan Ives told CNN. “It sends a positive signal after a very tumultuous year for Musk and Tesla shareholders.” The move comes a week after Tesla offered Musk a record-breaking new pay package, which could see him become the world’s first trillionaire, if the company can increase its market value to more than $8.5 trillion over the next few years, which would see it overtake Nvidia to become the world’s most valuable company. Musk’s latest stock purchase is his largest ever by value, with his previous foray in 2020 seeing him purchase around 200,000 shares valued at $10 million.
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